Atlantis Resources has announced plans to establish a new internal division to exploit project opportunities beyond its core tidal stream energy business.
The new division will be known as Atlantis Energy and will initially focus on opportunities to develop subsea interconnectors, tidal barrage projects, tidal lagoon projects, floating offshore wind opportunities and pumped storage projects.
The new division will have a global remit but will focus on several near-term opportunities in the UK and Europe, and will develop projects on behalf of infrastructure funds, investment banks and private developers who are looking to invest in renewable and grid related projects.
It will exploit the expertise it has accumulated in the execution of the MeyGen tidal stream project, it said.
Tim Cornelius, CEO of Atlantis, commented: “We have developed an exceptional project origination and development team at Atlantis over the past ten years. The lessons learned and the skills developed during the progression of MeyGen and our entire tidal portfolio have a direct application in power projects that involve water, especially salt water.
“We are aiming to establish ourselves as one of the world’s leading developers of wet renewables, and to be the partner of choice for infrastructure funds seeking to invest in interconnectors, tidal barrage, pumped storage, floating offshore wind and, of course, tidal stream projects.”
According to Cornelius, the firm has already commenced due diligence on a short list of potential projects, and aims to present these potential investments “to a select group of infrastructure funds in H1 2017”.
• The European Union has given a grant of £20 million to the MyGen tidal project in the Pentland Firth. Atlantis Resources Ltd won the EU grant after revealing the next phase of its project to build a 6 MW turbine set.
The project, called Stroma, will start its construction in the spring of this year and planners expect it to start producing commercially available power by 2018. The grant bucks the trend of cuts to subsidies of renewable projects in Scotland by the UK government.
The £20m grant will see Scottish companies working alongside European researchers and companies such as Marine Vessel and construction firms DEME Blue Energy and GeoSea, based in Belgium as well as Innosea, an engineering firm based in France.